Ways to Make Money on YouTube in 2020
There are many people making money on YouTube. While you may not become rich overnight,you can start earning small amounts right at the start. Studies reveal that YouTube is the second largest search engine in the world and is also the second most visited site after Google. It has about 500 hours of videos uploaded to it every minute! Almost 5 billion videos are watched on YouTube every single day. You can navigate the platform in 80 different languages. All these facts prove that YouTube can be a great platform to make money.
Now how do you make money on YouTube? To start earning, you need to enable your channel for monetization, connect it to an AdSense account and also know the kinds of videos you can monetize and the different kinds of ad formats. Until 2019 Ryan Kaji was YouTube’s highest earner making USD 26 million.
The highest-paid YouTube stars of 2019 after Ryan Kaji are:
Dude Perfect – USD 20 mn
Anastasia Radzinskaya–USD 18 mn
Rhett and Link –USD 17.5 mn
Jeffree Star –USD 17 mn
Preston –USD 14 mn
PewDiePie & Markiplier –UDS 13 mn
DanTDM–USD 12 mn
How to earn money from YouTube
There are many ways to earn money from YouTube and in this blog, we will discuss the most effective ones. To begin with, let me clarify that the number of views does not define the revenue earned. If you get 1000 views on your video,it does not mean you will earn money for sure. Here are the six most effective ways to make money on YouTube.
- Become a YouTube Partner
- Sell your own merchandise or products
- Start Crowdfunding
- License content to the media
- Create sponsored content or Work as an influencer or affiliate
- Look for funds directly from your fans
Let’s go ahead and discuss each of these methods in detail:
- Become a YouTube Partner
- Sign in to the YouTube account and Start a channel
- Make sure your channel meets YouTube Partner Program requirements
- Create a new AdSense account
- Explore monetization features
YouTube Partners can access multiple features on YouTube, like ads and YouTube premium subscription fees and merchandise shelf. Listed below are the steps that teach you how to make money on YouTube and enable monetization on the platform:
Quickly create a YouTube account and get going. If you are looking for tips on designing a great looking YouTube channel, you can go through our blog – YouTube Channel Design or enroll for this brilliant course on YouTube Channel Design.
Simply creating an account is not enough!To join the program, you need at least 1,000 subscribers within the first 12 months.
The question of how to get paid on YouTube can be answered by carrying out a simple task of creating an AdSense account. Once you have done this, you can follow YouTube’s official guide to connect your YouTube account with your AdSense account.
To know how to get paid on YouTube, you must explore their monetization features. Every monetization feature has a different requirement. You can use any of the following:
- Ad revenue
- YouTube Premium revenue
- Channel memberships
- Super Chat payments
- Merchandise shelf
Over 93% of consumers take reviews into account when making their purchase decisions.Reviews will help your channel gain higher standards and take care of your worries on how to monetize YouTube. You need to follow YouTube policies for this.
Sell your own merchandise or products
The next way to make money on YouTube is to sell your own merchandise. There are plenty of products that you can sell under your brand name. This is a great way to get your brand name out there and a practical way to generate revenue.
- Design your product and build it
- Create an online shop
- Start YouTube Partner merchandise shelf
- Promote your product
Carry out market research before you plunge in. You might have many ideas but you need to zero down on the best and then take it ahead.
You’ll need a separate website to handle the purchases online. You can even link it directly to your videos so that you can cross promote both your digital properties.
YouTube Partners can also use the shelf feature to sell their merchandise and promote their official merchandise on their channel prominently. Consider encouraging your viewers to check out your merchandise shelf in your video.
You can promote your products through your YouTube videos. To make sure you don’t stumble on the common pitfalls, read our blog – 15 Mistakes Businesses make while Promoting their Brand through YouTube.
Crowdfunding is a method of funding a project by raising money from people online. If you have a big idea for your business, crowdfunding can help you kick start your business.
- Create a crowdfunding account
- Promote your campaign in your videos
YouTube has a wide range of crowdfunding sites to choose from like Kickstarter or Indiegogo. Choose the one for yourself and create an account.
A successful campaign is one that is successfully promoted. So promote your crowdfunding campaign in your videos. You can even offer perks to your viewers.
License content to the media
As a content creator, licensing your successful work to the media is the best way to establish authenticity and earn money.
- Keep your contact details updated
- Sign up to a video marketplace
You never know when a good deal strikes. To get the best deals, update your contact details.
Media outlets pay good price for unique footage and if you have something exclusive that you can contribute there are many video channels ready to buy it from you. Explore different marketplaces for videos and sign up with the ones where you fit the best.
Create content and work with brands as an influencer or affiliate
Influencer marketing involves endorsements by influencers who are popular in their field. Brands invest in influencers and affiliates. The brand pays you directly after negotiations. Becoming an influencer or affiliate on YouTube is the highest-paid platform. To get a clear picture read our blogs – How can Small Businesses Benefit from Influencer Marketing? and 10 Best Affiliate Marketing Programs & Websites of 2020.
- Find a brand partner
- Crack a deal
- Be transparent
Quality is important, look for successful brands to tie up with. Make sure you pitch for the right brand to help you.
The revenue you make depends on the size of your audience, their engagement on your channel and your partner so think before you sign a deal as this will be the major factor in deciding how much money you make on YouTube.
Be transparent with your audience. Transparency is good for a healthy relationship with your audience.
Look for funds directly from your fans
Pretty much like crowdfunding you can get funding from your fans. If you’re offering good content, your audience will be inclined to support you.
- Host live chats to let people use Super Chat feature
- Encourage fans to become your channel members
- Encourage fans to take YouTube Premium subscription
Super Chat feature was earlier known as the fan funding feature on YouTube. This feature can be only used by YouTube Partners.
YouTube lets your viewers pay you to become members of your channel and in return, they can access your exclusive Live Chats.
This step benefits you indirectly. When any Premium member watches your YouTube channel, you get a cut from their subscription fee.
Many of the ways mentioned above can help you monetize your channel, but it involves a lot of promotion. Do your promotions with great care without damaging the integrity of your product. You can use the call to action feature or YouTube cards to grow viewership. You can even add links in your video descriptions and Promote your offer and videos on other platforms.
Now that you know how to make money on YouTube, stop wasting time watching useless videos and start your journey to becoming a professional YouTuber straightaway. Set goals and standards for yourself, and focus on making videos that attracts more views and subscribers.
What’s more interesting is that you can even convert your YouTube channel into app and start making money out of it too!